“residential property company” means any company, other than a REIT as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962), that holds property that constitutes-

[Words preceding paragraph (a) substituted by section 1 of Act 31 of 2013 effective on 12 December 2013]

(a)     residential property; or

(b)     a contingent right contemplated in paragraph (f) of the definition of “property”,

and where the fair value of that property or contingent right comprises more than 50 per cent of the aggregate fair market value of all the assets, as defined in paragraph 1 of the Eighth Schedule to the Income Tax Act, 1962, (other than financial instruments as defined in section 1 of that Act or any coin made mainly from gold or platinum), held by that company on the date of acquisition of an interest in that company;

[Definition of “residential property company” inserted by section 2 of Act 74 of 2002]